I have always thought it was exactly that, T239 basically is T234 design but with unnecessary (automotive/robotics related) elements removed. The Eurogamer article used similar language (T239 is T234 with elements cut out basically)
It's not a huge distinction, and I'll admit I'm probably hung up on it just because I've been staring at the data forever. But Drake (T239) is a totally separate design from Orin (T234). They're very similar, but almost every component in T239 is different from it's T234 counterpart.
The CPU is a slightly different variant, in a different cluster configuration (8 cores in 1 cluster, instead of 3 clusters of 4 core each), with a larger L2 cache. This is a slight optimization for workloads with a medium number of threads and a lot of locking - exactly what you'd expect in a video game engine.
The GPU is 1 large GPC instead of 2 medium sized ones. Orin's design resembles the laptop offerings, Drake's design looks like the desktop GPUs.
The memory controller includes updates from Lovelace, that make it more power efficient. There is also evidence it's been updated to support the newer, faster memory standard.
More UPHY lanes have been given to DisplayPort, in order to support 4k HDR. The File Decompression Engine has been added (and likely integrated with the SSD controller).
The whole chip is full of micro-optimizations, and tiny little features that make it work better as a gaming device, even when it is the change is surprisingly intrusive. For example, the CPU difference is minor in its performance impact, but major in terms of work - you can't break up CPU clusters on-chip, so finding room for a cluster of 8 can be harder than finding room for 3 clusters of 4.
There isn't any fat left over from Orin, either. Orin has to support lots of different cars and combinations of technologies, so it's IO controllers are like a Swiss army knife - there is one of everything. There were a few random bits and pieces that Drake has that was reasonable to assume it was cheaper to keep than to pay money to design away. But no, turns out, Nintendo has clever repurposed all of them, so it only has the ones it needs. And in one of the weirdest micro-optimizations, they kicked out the whole USB controller with a new one, because Orin supports 3 USB ports, but Nintendo only needs 2.
Ultimately, "cut down Orin" conveys all the information most of even the biggest tech heads care about, and it's what most of us thought was happening for a long time. And no doubt, there are lots of plumbing in the chip design that they share - a huge portion of chip design is figuring out how the pieces talk to each other as much as it is designing the pieces themselves. But Drake is a different design, and is almost obsessively tuned to Nintendo's needs, down to the tiniest detail.